I'm a disabled home owner. I am no longer living in my home because it would not accommodate my wheelchair. My nephew and his family are living in the home. He pays the house payment to me in cash every month (he has poor credit and can't qualify for a loan) and I in turn pay the mortgage company. I have a loan modification with this mortgage company. God forbid I should have to go to a nursing home or die,
I don't want them to lose the house. How can I make sure that if something happens they will get the home?
You should have a will drafted specifically bequeathing the home to whomever you wish. If you were to outright deed the property away, this could compromise/jeopardize your current loan modification as it would trigger a due on sale clause/acceleration clause depicted in the loan terms. A probate attorney should be consulted. Good luck to you.
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Hire and attorney to create a beneficiary deed
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As you can see from posted answers-you have choices-have an attorney prepare a will and/or a life estate deed.
Many attorneys offer a free consult to explain your different options.
The answer given does not imply that an attorney-client relationship has been established and your best course of action is to have legal representation in this matter.
Depending on the size of your estate, either a trust or a will would accomplish your goal. I would contact a local attorney who can help you determine your best estate options. Shouldn't be tough to make sure your family is taken care of! Good luck!
You have a few issues to consider. One is ownership transfer when you pass away. The other is what happens if you become incapacitated. Both issues could be addressed by a competent estate planning attorney. The Utah Bar Association has a lawyer referral service and most attorneys will give you a free initial consultation either in person or over the phone.
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